Conveyancing Charges and tax

[AndrewS]

I thought I had read somewhere that if your solicitor provides a breakdown of his fees, that some of these may be claimable in the current year instead of offsetting it against a capital gain when we sell.

can anybody enlighten me further on this issue?


Regards


AndrewS

 

[DaleGG]

HI Andrew

No, I am afraid that this is not true unless you buy property in the ACT. Sorry.

Dale

Originally posted by AndrewS
I thought I had read somewhere that if your solicitor provides a breakdown of his fees, that some of these may be claimable in the current year instead of offsetting it against a capital gain when we sell.

can anybody enlighten me further on this issue?


Regards


AndrewS

 

[AndrewS]

Thanks Dale

 

[Les]

G'day AndrewS,

Is it possible you were thinking of "some of the lender's Solicitor's fees". The way I've heard things is that anything to do with "purchasing the property" is a Capital Cost. But, anything to do with the funding is part of the Borrowing Cost (thus, deductible over the next few years....) - and that MIGHT include your lender's solicitor's costs !!!!

And I remember (and used) one of Jan's hints - where Searches required by the Lender could be a borrowing cost. In my case, I had purchased from my son (thus we required NO search in PURCHASING the property - but the mortgage lender required it - thus, a borrowing cost!!!)

I'm not an Acct - so check this out with the appropriate people,

Regards,